Streetbeat News

Bankruptcy

YELL

Yellow Corporation (NASDAQ:YELL) and its subsidiaries have filed for Chapter 11 bankruptcy, affecting 30,000 jobs. The company plans to wind down operations.

Portfolio Pulse from Charles Gross

August 07, 2023 | 8:45 am

APO

YELL

Trucking firm Yellow Corp. (NASDAQ:YELL) is reportedly considering an asset and real estate sale through a bankruptcy filing. A potential financial bidder has shown interest in the assets. Yellow Corp. is grappling with over $1 billion in debt due next year, which it has found challenging to refinance. Creditors, led by Apollo Global Management Inc. (NYSE:APO), are reportedly close to striking a deal to inject fresh cash into Yellow during the anticipated bankruptcy.

Portfolio Pulse from Piero Cingari

August 04, 2023 | 8:14 pm

YELL

Trucking company Yellow Corp is considering selling its assets through a bankruptcy filing, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 6:50 pm

YELL

Yellow Corp (NASDAQ:YELL) shares are trading higher by 21.1% despite the company announcing it is ceasing operations and filing for bankruptcy. The company is also in talks to sell off parts of the business. Apollo is reportedly leading a bankruptcy loan deal. Yellow Corp has faced financial challenges due to a decrease in shipping demand, resulting in lower volumes and declining rates.

Portfolio Pulse from Henry Khederian

August 04, 2023 | 2:11 pm

FTTUSD

Crypto exchange FTX (CRYPTO: FTT) has requested to exclude its Dubai subsidiary from its ongoing restructuring process in the U.S. The Dubai branch, which holds a virtual asset service provider license from Dubai's Virtual Assets Regulatory Authority (VARA), has not engaged in any business activities prior to the bankruptcy declaration. The subsidiary currently has about $4.5 million across various accounts, with $4 million of it being held by VARA as security for the license. The court is set to commence its initial hearing on this matter on August 23.

Portfolio Pulse from Murtuza Merchant

August 04, 2023 | 2:09 pm

APO

YELL

Yellow Corporation is ceasing operations and filing for bankruptcy, with Apollo reportedly leading a bankruptcy loan deal. This has led to a decrease in Yellow Corporation's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 2:04 pm

BAC

SPY

Bank of America's CEO, Moynihan, has stated that the recent Fitch downgrade of the U.S. credit rating is a non-event. He believes that near-term risks to economies are greater outside the United States than inside.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 1:49 pm

PRTK

Paratek Pharmaceuticals (NASDAQ:PRTK) has filed definitive proxy materials and a letter to its stockholders regarding its acquisition by Gurnet Point Capital and Novo Holdings. Stockholders will receive an upfront cash payment of $2.15 per share and a Contingent Value Right of $0.85 per share on achievement of a commercial milestone. The transaction represents a 41% premium over the closing price of Paratek's common stock as of May 31, 2023. The company warns that without this transaction, it could face bankruptcy.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 12:30 pm

FTTUSD

Kraken's co-founder, Jesse Powell, has expressed skepticism about the proposed restructuring plan for FTX (CRYPTO: FTT). The plan, announced by FTX, aims to revive the exchange as an offshore entity. Powell believes that FTX 2.0 would be worse than starting from scratch due to lack of team, tech, licenses, banking, and a tarnished brand. The restructuring plan involves the identification of three main recovery pools, cancellation of intercompany claims, and the liquidation of FTX's estates to make cash distributions to customers and creditors.

Portfolio Pulse from Murtuza Merchant

August 04, 2023 | 12:04 pm

APO

YELL

Yellow Corporation is ceasing operations and filing for bankruptcy, with Apollo reportedly leading a bankruptcy loan deal. This has led to a decrease in Yellow Corporation's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:02 pm